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http://stateofthenation2012.com/?p=90895
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This charade has gone far enough when people need to realize that while the launch of the first US Bitcoin futures exchange by Cboe is dragging it into the financial mainstream, that doesn't mean it will go the distance, the currency is still not regulated, with regulators struggling to keep pace with the tech's innovation.
On the other hand unfortunately......
You don't need a masters degree to realize that from a money transmission point of view that the Blockchain technology that underpins Bitcoin is here to stay, along with cryptocurrency
No doubt, ibm is working on blockchain as governments and financial institutions adopt it. It is quite amazing an open source code, given out on the internet has such a major impact on the world. One big hack and crypto could be gone or it could be something I can't even fathom in the financial world. I'm gonna hire some hit men with Bitcoin to shave off kirklands eyebrowsQuote:
Originally Posted by brocktonblockbust
Bit coins are like the pet rocks of the new millennium. There has to be something of value behind any currency. When I pay $10 for my lunch at a Greek diner, I get the food plus the service and my $10 is backed by labor that earned that $10. With bitcoins it's all about inflating the currency through speculation which means the bulk of it is empty profiteering driven value. Once people start cashing in, the value drops exponentially...causing a rush on cashing out before people "lose" the "on paper" value
I'm not 100p sure on Bitcoin and it is risky but our cash today is fiat backed by nothing but faith in the government. It has no intrinsic value. I can say the same about Bitcoin it is bought on the faith it will go up (or down via contract) but a lot of people do have faith in it. It is slow and cumbersome with expensive fees, not a practical currency to pay for small things. If I wanted to send you a couple bucks in Bitcoin it would cost me more in fees to send it. Confirmation times are slow. If these issues are not resolved I don't know if Bitcoin can survive as a mere store of value but perhaps it can. I'm really not a big advocate. Just cause I've made some money I do realize I stand to lose. Perhaps a greater chance of losing although it seems to be building good resistance right nowQuote:
Originally Posted by brocktonblockbust
I have purchased ONE CENT (one bit penny) also known as One "Satoshi".
;D;D;D after all the shit you gave @walrus? Bitcoin is finished , Litecoin is taking over, its all wrong, yadda, yadda.Quote:
Originally Posted by brocktonblockbust
I actually bought a few ethereum a few months ago. I also started mining. but I was looking into litecoin as well.Quote:
Originally Posted by Primo Carnera;D;D;D after all the shit you gave @walrus? Bitcoin is finished , Litecoin is taking over, its all wrong, yadda, yadda.Quote:
Originally Posted by brocktonblockbust
You better not think about mining. You know how much it cost to mine 1 Bitcoin now? It uses enough electricity to run a full City like New York for 3 days
Dude fantastic, I got a few etherium right before it jumped. I'm concerned with the cme getting into Bitcoin but it has had a positive reaction and futures contracts are up. Dude I'm really looking into litecoin mining. I know u are a rich dude but if I could talk to u about cost of a rig and how u got started I'd be very grateful. Litecoin has a great team behind it. @XwetieQuote:
Originally Posted by XwetieI actually bought a few ethereum a few months ago. I also started mining. but I was looking into litecoin as well.Quote:
Originally Posted by Primo Carnera;D;D;D after all the shit you gave @walrus? Bitcoin is finished , Litecoin is taking over, its all wrong, yadda, yadda.Quote:
Originally Posted by brocktonblockbust
@Xwetie I also got litecoin but flipped it when it jumped so I really speculated on it but I think it's good to hold
No brock, mining a single Bitcoin does use a lot of electricity and the advent of crypto has greatly increased power usage around the world. Each time a coin is made the next one is more complex and increases energy use. Total crypto mining uses enough electricity to power a small country but one Bitcoin wouldn't power NYC. Coins other than crypto are more efficient but still require power.Quote:
Originally Posted by brocktonblockbust
I was reading Amazon is considering creating its own crypto currency and people think that would be the end of Bitcoin. Having said that they have been predicting the end of Bitcoin for years so who the hell knows. I am impressed it has been making a solid base lately but tbh everyone is talking about it now which I'm not sure is a good thing.
problem is with mining you really need a good computer. pretty expensive but some after a 6 months you paid of your computer if you buy a new one. but the problem is ether is gonna stop the mining in the near future so im not sure if its worth mining but there Is heaps of other cryptocurrency.
Not only do you need a good computer and a huge source of electricity but you have to have all the software required because you need so many different kinds of software to use in synchronicity
Just bought a MacBook Pro you think I can start mining with that?Quote:
Originally Posted by brocktonblockbust
Dude you mine a Bitcoin for $19,000 US dollars in hope somebody buys it for more? You know you are screwed if nobody buys it right? @walrus
Dude I don't mine Bitcoin u fool #beanzwasrightQuote:
Originally Posted by brocktonblockbust
Brock stfu u just read shit online and repeat it. Had you put 100 dollars in btc when I told you to it would be worth 860,000k today it's not my fault you didn't take my adviceQuote:
Originally Posted by brocktonblockbust
https://mobile.nytimes.com/2017/10/2...ww.google.com/
Here is a nyt report on floyds crypto. I've read that something he was involved with has been accused of being a scam
China stepped up pressure on cryptocurrencies, with a ban on initial coin offerings (ICOs) and the closure of domestic bitcoin exchanges.
It is a fraud. Even ask Jamie dimon of JP Morgan
Ok but one J.P. Morgan analyst called Bitcoin the future and the china thing has already been factored into the btc price. ICO should be banned too many scamsQuote:
Originally Posted by brocktonblockbust
Bitcoin is backed by nothing and it's just an idea floating in the air it is absolutely back by nothing
https://www.marketwatch.com/story/on...ion-2017-12-18
U can't be this price prediction
Bottom line Futures will kill it
What the hell is it? FFS bitcoin is software that forms a decentralized, peer-to-peer payment system with no central authority like the Federal Reserve or U.S. Treasury. ....but at the moment, most investors aren’t really using it as currency to pay for things. Instead, they’re using it as a speculative investment to buy in the hope of turning a profit. Maybe a big profit. (And maybe a big loss).
Here’s how much bitcoin he has generated so far: 0.000000071589. At the current rate, it would take him about 1,200 years to mine one complete bitcoin. That gives you a sense of how complex it is to mine bitcoin, and how much processing power it takes: These computerized mining rigs throw off so much energy that they can heat your home.
You can’t touch a bitcoin because it’s essentially software. You may have seen images of gold coins with a “Ƀ” on them. Those are souvenirs that can’t be converted into actual bitcoin. But they’re better for illustrating news stories than the streams of numbers and letters that resemble the actual blockchain.
Stop trying to run with the big dogs, u r gonna get hurtQuote:
Originally Posted by brocktonblockbust
Ps possible crash today
There is another crypto called Bitcoin cash, it just popped up on the exchange I'm on at 3,000usd in one hour it is up over 8,000usd I don't know what to say
Be careful. Remember, it is all a confidence trick. Mind you, was talking to someone today who knows someone who has retired from teaching because of canny Bitcoin investing. People are getting rich. It's the hipsters who listened to Max Keiser.Quote:
Originally Posted by walrus
Ya actually it's dipping right now, 40 billion came out of it as it went down billions started going in. The whales are having a frenzyQuote:
Originally Posted by GandalfBe careful. Remember, it is all a confidence trick. Mind you, was talking to someone today who knows someone who has retired from teaching because of canny Bitcoin investing. People are getting rich. It's the hipsters who listened to Max Keiser.Quote:
Originally Posted by walrus
Materialistic cunt. Jesus said to his disciples, "Truly I tell you, it is harder for someone who is rich to enter the kingdom of heaven than for a camel to pass through the eye of a needle."
#donewithwalrusfakespirituality
You can't take it with you whatever the Pharaohs say. Anyway, surely depends on how small the camel is and how big the needle is. Heaven would make Earth kind of meaningless, and any God that offered it as a reward would instantly render himself a pointless entity if he had to bribe his own children to behave with promises on the never never. #thatsnotfaithatall#cantbribeeternity#Godmademedoi t#donotjudegelesttheebejudgedjudgejudyQuote:
Originally Posted by brocktonblockbust
#BeanzWasRightAboutWalrus
Gold broke 1,300 an ounce. Dollar is down. One thing to watch for potential Wall Street disruptions is the price of gold. It could drop if the fed raises rates but gold broke a resistance level.
Oh so now you're big tickets gold. Bitcoin just fell flat on its face and you Shameless bastard don't even want to admit it or knowledge it and now you're off on to gold. Is that all you care about is money?Quote:
Originally Posted by walrus
Bitcoin is at 14,000 it was at 5,000 a few months ago it's still way upQuote:
Originally Posted by brocktonblockbustOh so now you're big tickets gold. Bitcoin just fell flat on its face and you Shameless bastard don't even want to admit it or knowledge it and now you're off on to gold. Is that all you care about is money?Quote:
Originally Posted by walrus
Finance is an interest of mine it's not all I care about, truth be told I like my cats better than money but I need to buy the cat food